From the last FED statement:
However, inflation pressures seem likely to moderate over time, reflecting reduced impetus from energy prices, contained inflation expectations, and the cumulative effects of monetary policy actions and other factors restraining aggregate demand.
The inflation numbers have born out this possibility.
The Consumer Price Index for All Urban Consumers (CPI-U) decreased 0.1 percent in November, before seasonal adjustment, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. The November level of 201.5 (1982-84=100) was 2.0 percent higher than in November 2005.
The all items number decreased .5% in September and October, right when the Fed started using the above referenced statement.
I will admit I was incredibly skeptical of Bernanke's statements and predictions. However the record thus far is undeniable.